Vaisala Corporation Interim Report January–September 2025: Strong sales and profitability in the third quarter

Vaisala Corporation        Interim Report                October 23, 2025, at 9:00 a.m. (EEST)

Vaisala Corporation Interim Report January–September 2025: Strong sales and profitability in the third quarter

This release is a summary of Vaisala’s Interim Report January–September 2025. The complete report is attached to this release as a pdf file. It is also available on the company website at www.vaisala.com/investors.

Third quarter 2025:

• Orders received EUR 119.6 (150.8) million, decrease 21%
• Order book at the end of the period EUR 180.4 (220.4) million, decrease 18%
• Net sales EUR 154.0 (136.6) million, increase 13%, in constant currencies 16%
• EBITA EUR 28.0 (25.8) million, 18.2 (18.9) % of net sales
• Operating result (EBIT) EUR 25.7 (24.1) million, 16.7 (17.7) % of net sales
• Earnings per share EUR 0.51 (0.53)
• Cash flow from operating activities EUR 25.8 (25.2) million

January–September 2025:

• Orders received EUR 365.2 (421.2) million, decrease 13%
• Net sales EUR 434.6 (397.1) million, increase 9%, in constant currencies 10%
• EBITA EUR 68.0 (60.0) million, 15.7 (15.1) % of net sales
• Operating result (EBIT) EUR 60.5 (54.9) million, 13.9 (13.8) % of net sales
• Earnings per share EUR 1.14 (1.17)
• Cash flow from operating activities EUR 58.9 (50.0) million

Business outlook for 2025

Vaisala estimates, excluding potential significant changes in market conditions, that its full-year 2025 net sales will be in the range of EUR 590–605 million and its EBITA will be in the range of EUR 90–100 million.

As of 2025, in its outlook, Vaisala has changed EBIT to EBITA to align with its long-term financial targets.

Market outlook for 2025

Markets for industrial, life science, and power grew during the first three quarters of the year. Similar development is expected during the rest of the year. However, the market environment remains uncertain, affecting the predictability of these market segments' development.

More mature market segments – meteorology, and aviation – are expected to decline compared to exceptionally high levels in the previous two years. The market for renewable energy is expected to decline during this year due to a slow-down in new wind energy projects. The roads market segment is expected to be stable.

Key figures

MEUR	7-9/2025	7-9/2024	Change	1-9/2025	1-9/2024	Change	1-12/2024
Orders received	119.6	150.8	-21%	365.2	421.2	-13%	565.6
Order book	180.4	220.4	-18%	180.4	220.4	-18%	215.0
Net sales	154.0	136.6	13%	434.6	397.1	9%	564.6
Gross profit	83.9	78.3	7%	240.6	223.6	8%	318.1
Gross margin, %	54.4	57.3		55.4	56.3		56.3
Operating expenses	58.6	54.4	8%	180.6	169.2	7%	235.8
EBITA	28.0	25.8		68.0	60.0		90.3
% of net sales	18.2	18.9		15.7	15.1		16.0
Operating result (EBIT)	25.7	24.1		60.5	54.9		82.9
% of net sales	16.7	17.7		13.9	13.8		14.7
Result before taxes	24.2	24.5		53.8	54.3		80.8
Result for the period	18.6	19.2		41.5	42.3		63.7
Earnings per share	0.51	0.53	-3%	1.14	1.17	-2%	1.76
Return on equity, %				18.0	20.6		22.1
Research and development costs	14.6	15.1	-3%	49.4	49.3	0%	68.6
Capital expenditure*	5.0	2.8	80%	16.0	9.7	66%	19.1
Depreciation, amortization and impairment	7.0	5.9	20%	21.0	17.4	20%	24.3
Cash flow from operating activities	25.8	25.2	2%	58.9	50.0	18%	78.9
Cash conversion	1.0	1.0		1.0	0.9		1.0
Cash and cash equivalents				89.1	85.4	4%	88.8
Interest-bearing liabilities				127.0	46.1	176%	129.5
Gearing, %				12.4	-14.0		13.2

*Excluding impact of acquired businesses

President and CEO Kai Öistämö

“Vaisala delivered strong net sales and profitability in the third quarter, while order intake declined. Our net sales increased in both business areas, as Industrial Measurements continued to grow and Weather and Environment achieved very strong net sales, driven by large project deliveries as well as subscription sales.

Demand continued strong in the Industrial Measurements business area. However, Vaisala’s third quarter order intake declined by 21% year-on-year due to weak demand in the Weather and Environment business area, which also faced a strong comparison period. Our net sales increased very strongly by 13%, with both business areas contributing to this growth. The depreciation of the US dollar and Chinese yuan against the euro had a negative impact on our reported net sales. In constant currencies, our net sales grew by 16% year-on-year. We were largely able to offset the impact of the US tariffs through price increases. We maintained solid profitability, achieving a 20% EBITA margin, excluding EUR 3.0 million restructuring costs related to organizational changes.

The Industrial Measurements business area delivered yet another strong quarter, achieving positive results across all market segments. Orders received increased by 9%, fueled by very strong growth in the EMEA and APAC regions. Net sales grew by 6% (10% in constant currencies), with the APAC region leading the growth.

The Weather and Environment business area had a very strong quarter in net sales, driven by large project deliveries in the meteorology market as well as subscription sales in the Xweather business. Weather and Environment net sales increased by 18% (20% in constant currencies) compared to the previous year. However, order intake continued to be impacted by weak demand in the renewable energy market, as well as by industrial cyclicality and reductions in public sector spending compared to the exceptionally high levels last year. We have implemented necessary cost-control measures and adjusted our organization to address the significant change in demand in the renewable energy market. Decisions impacting our people are never easy, but this restructuring has been a necessary step to adapt to the new market reality.

In September, we acquired Quanterra Systems, a company specializing in atmospheric monitoring of CO2 fluxes, to expand our capabilities in greenhouse gas measurements.

Subscription sales in our Xweather business grew by 57% in the third quarter. Underlying organic growth in constant currencies was also a solid 14%. Over the past quarters, we have seen subscription sales contributing positively also to our profitability. We continuously strengthen and upgrade our offerings, with one recent example being the launch of advanced hail forecasts.

As we move into the fourth quarter, we anticipate that global market uncertainty will remain, making future market developments difficult to predict. We continue to monitor the overall global market situation and are prepared for different scenarios to mitigate possible impacts on our business. Despite market uncertainty, we continue to estimate, excluding potential significant changes in market conditions, that our full-year 2025 net sales will be in the range of EUR 590–605 million and EBITA will be in the range of EUR 90–100 million.”

Audiocast and teleconference

An audiocast and a conference call for analysts, investors, and media will be held in English on Thursday, October 23, starting at 1:30 p.m. (EEST).

You can participate in the live audiocast via the following link: https://vaisala.events.inderes.com/q3-2025

Questions may be presented by participating in the teleconference. You can access the teleconference by registering at the link below. After registration, you will receive an email with the dial-in numbers and a conference ID.
https://events.inderes.com/vaisala/q3-2025/dial-in

A recording will be available at vaisala.com/investors later the same day.

Further information
Niina Ala-Luopa
+358 400 728 957, ir@vaisala.com
Vaisala Corporation

Distribution
Nasdaq Helsinki
Key media
vaisala.com

Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of close to 2,500 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com

Attachment

• Vaisala interim report january-september 2025